• JSW Infrastructure IPO is scheduled to open on September 25. Price band fixed at Rs 113-119 per share. It solely consists of a fresh issue by the company and the total issue size is set at Rs 2,800 crore. This marks the first IPO from the Sajjan Jindal-led JSW Group’s first public issue in nearly 13 years, following the listing of its energy business separately in 2010.
• Price Band of ₹113 – ₹119 per equity share bearing face value of ₹2 each (“Equity Shares”)
• Bid/Issue Opening Date – Monday, September 25, 2023, and Bid/Issue Closing Date – Wednesday, September 27, 2023.
• The Anchor Investor Bidding Date – Friday, September 22, 2023;
• Minimum Bid Lot is 126 Equity Shares and in multiples of 126 Equity Shares thereafter.
• The Floor Price is 56.50 times the face value of the Equity Shares and the Cap Price is 59.50 times the face value of the Equity Shares.

MUMBAI, 18 SEPTEMBER, 2023 (GPN):  Commercial port operator JSW Infrastructure Ltd, a part of the JSW Group has fixed price band of Rs. 113-119 per share for its initial public offering (IPO), which will open for subscription on September 25. The IPO is going to be Sajjan Jindal-led JSW Group’s first public issue in nearly 13 years, after JSW Energy was listed in January 2010. The public offer of ports business of JSW Group is completely a fresh issue of 23.53 crore shares, which at the upper end of price band will translate into issue size of Rs. 2,800 crore.

The three-day public issue will close on September 27, while the shares are set to be listed on stock exchanges BSE and NSE tentatively on October 6. The allotment of shares will be finalised on October 3, while successful bidders will get the shares credited into their demat accounts on October 5.

Applicants can bid for a minimum of 126 shares and in multiples thereof, which means the minimum and maximum investment amount for retail investors would be Rs. 14,994 and Rs. 194,922, respectively. As per SEBI norms, a retail investor is limited to invest only up to Rs. 2 lakh.

JSW Infra has reserved up to 75% of the issue for qualified institutional buyers, 15% for non-institutional investors, and remaining 10% for retail investors.

The company intends to use capital raised from IPO proceeds mainly for repaying debts and expansion of LPG Terminal Project. As per the offer document, it will use Rs. 880 crore for debt repayment; Rs. 865.75 crore to finance capital expenditure requirements for an LPG terminal project; Rs. 59.4 crore for setting up an electric sub-station; Rs. 103.88 crore for the purchase and installation of a dredger, and finance Rs. 151.04 crore for the proposed expansion at Mangalore Container Terminal.

Established in 2006, JSW Infrastructure provides maritime-related services such as cargo handling, storage solutions, and logistics support services. Sajjan Jindal Family Trust owns 90.91% stake in the port-related infrastructure company, while JSW Infrastructure Employees Welfare Trust, JSL, and Siddeshwari Tradex hold remaining 9.08% shares in the firm. Post listing, promoters’ stake in the company will come down to 85.62%.

As on June 30, 2023, the company’s installed cargo handling capacity was 158.43 million tonnes per annum (MTPA). Its operations expanded from one port concession at Mormugao, Goa (acquired by the JSW Group in 2002) where it commenced operations in 2004, to nine Port Concessions as of June 30, 2023. It has a diversified presence across India with Non-Major Ports located in Maharashtra and port terminals located at Major Ports across the industrial regions of Goa and Karnataka on the west coast, and Odisha and Tamil Nadu on the east coast.

On the financial front, the company posted a 126.8% growth in net profit at Rs. 749.5 crore for the financial year ended March 2023 (FY23) as compared to Rs. 330.44 crore in the last fiscal (FY22). The revenue from operations jumped 41.7% to Rs. 3,372.85 crore versus Rs. 2,378.74 crore in the year ago period.

JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Dam Capital Advisors Ltd (Formerly IDFC Securities Ltd), HSBC Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers of the JSW Infrastructure IPO, while Kfin Technologies Limited is the registrar for the issue.Ends

About JSW Infrastructure Limited: JSW Infrastructure Limited is part of the JSW Group. JSW Infrastructure Limited is the second largest commercial port operator in India in terms of cargo handling capacity in Fiscal 2023 operating environment-friendly seaports & terminals. It operates nine state port concessions strategically located on the west and east coasts of India. The existing ports and terminals of the Company are capable of handling a wide range of cargo and vessels up to Cape size. Its largely mechanized cargo handling system enable quick turnaround times while ensuring efficient use of existing resources. The strategic locations of these facilities makes its ports a preferred option for its customers.  JSW Infrastructure Limited has expanded its cargo mix by leveraging its locational advantage and maximizing asset utilization. As part of its future growth strategy, the Company plans to enhance its overall cargo-handling capacity to 300 MTPA by 2030. It is also strengthening its market position by focusing on value-added offerings with end-to-end logistic support and a diversified cargo profile. JSW Infrastructure is committed to strengthening its ESG performance across the operational ecosystem by aligning its policies and practices with international standards. As a multinational conglomerate, JSW Group also has other business interests in sectors such as steel, energy, cement, paints, sports and venture capital. (Source: CRISIL Report)

RHP Link: https://jmfl.com/docs/default-source/default-document-library/red-herring-prospectus3ee6bb81d5a0683b8507ff0300a28ed8.pdf?sfvrsn=0